Statements relating to coordinated G7 intervention in the international foreign exchange markets

18 March 2011

Joint statement

00:10 18 March 2011

"We, the G7 Finance Ministers and central bank governors, discussed the recent dramatic events in Japan and were briefed by our Japanese colleagues on the current situation and the economic and financial response put in place by the authorities.

We express our solidarity with the Japanese people in these difficult times, our readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector.

In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on March 18, 2011, in concerted intervention in exchange markets. As we have long stated, excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will monitor exchange markets closely and will cooperate as appropriate".

Statement from HM Treasury

08:30 18 March 2011

"Last night, the Chancellor of the Exchequer and fellow G7 Finance Ministers and Central Bank Governors agreed to the request of the Japanese authorities for concerted intervention in exchange markets on 18 March 2011.

The Treasury can this morning confirm that, at its instruction, the Bank of England intervened in the foreign currency market to give effect to the G7 Finance Ministers’ Communique."